MIRA
INFORM REPORT
|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIL TECHNOLOGY COMPANY LIMITED |
|
|
|
|
Registered Office : |
52/17, SOI Krungthep –Kritha 15, 52/17, SOI Krungthep –Kritha,
Saphansung, |
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Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
24.08.2005 |
|
|
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Com. Reg. No.: |
0105548110895 |
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Fire and Gas Detection Systems and Equipment Importer,
Distributor and service provider |
|
|
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|
Number of Employees: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a
well-developed infrastructure, a free-enterprise economy, generally
pro-investment policies, and strong export industries, Thailand enjoyed solid
growth from 2000 to 2007 - averaging more than 4% per year - as it recovered
from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and
electronic components, agricultural commodities, and jewelry - continue to
drive the economy, accounting for more than half of GDP. The global financial
crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and
the government anticipates the economy will probably grow
between 5.5 and 6.5% for 2012, while private sector forecasts range between
3.8% and 5.7%.
|
Source
: CIA |
COMPANY NAME
SIL TECHNOLOGY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 52/17
SOI KRUNGTHEP-KRITHA 15,
KRUNGTHEP-KRITHA ROAD,
SAPHANSUNG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2736-1150-2
FAX :
[66] 2736-1153
E-MAIL
ADDRESS : admin@siltechnology.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548110895
TAX
ID NO. : 3380116101
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIROJ RANGSIPANYAPORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : FIRE
AND GAS DECTECTION
SYSTEMS AND
EQUIPMENT
IMPORTER, DISTRIBUTOR
& SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on August 24,
2005 as a
private limited company
under the registered
name SIL TECHNOLOGY CO.,
LTD., by Thai
groups. Its business
objective is to
supply product and
service for fire
and gas detection
systems. It currently
employs approximate 30
staff.
The
subject’s registered address
was initially located
at 52/100 Moo 13,
Soi Pracharuamjai,
Krungthep-Kritha Rd., Saphansung,
Saphansung, Bangkok 10250.
In 2012, its
registered address was
relocated to 52/17
Soi Krungthep-Kritha 15, Krungthep-Kritha Rd., Saphansung,
Saphansung, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Viroj Rangsipanyaporn
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Viroj Rangsipanyaporn is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of fire and
gas system equipments,
such as detectors of flame,
gas, combustible gases,
toxic gases and
etc., under various
brands, e.g. “DET-TRONICS”,
“SSF”, and “E2S”,
as well as
providing design, installation,
commission and maintenance
services for fire
and gas protection
systems, mainly supply
to petrochemical, oil & gas
and semi-conductor industries.
Range of
services are as
follows:
·
Design service for
fire and gas
system [IEC 61508, NFPA]
·
Installation and commissioning
service for fire
and gas system
·
Maintenance contract for
DET-TRONICS products
PURCHASE
Most of the
products are imported
from U.S.A., and
United Kingdom, the
remaining is purchased
from local supplier
and agents.
MAJOR
SUPPLIERS
Detector
Electronics Corp., Inc. : U.S.A.
European
Safety Systems [E2S] Ltd. : U.K.
Stainless
Steel Fasteners Ltd. : U.K.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMERS
PTT Public Company
Limited
IRPC Public Company
Limited
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently employs approximately
30 staff.
LOCATION DETAILS
The premise is owned for administrative office
at the heading
address. Premise is located in
commercial/residential area.
COMMENT
Decline
consumption in domestic
market has caused
to decrease subject’s
services, though, the
impact of slow
spending and delay
of new construction
would pressure subject’s
performance this year.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid.
On
July 2, 2008,
the registered capital
was increased to
Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Viroj Rangsipanyaporn Nationality: Thai Address : 52/100
Moo 13, Krungthep-Kritha Rd.,
Saphansung, Bangkok |
14,700 |
49.00 |
|
Ms. Saengchan Rangsipanyaporn Nationality: Thai Address : 52/100
Moo 13, Krungthep-Kritha Rd.,
Saphansung, Bangkok |
3,000 |
10.00 |
|
Ms. Suree Rangsipanyaporn Nationality: Thai Address : 459/384
Moo 5, Romklao
Rd.,
Klongsamprawes,
Ladkrabang, Bangkok |
3,000 |
10.00 |
|
Ms. Angkana Omsin Nationality: Thai Address : 32/4
Moo 4, T. Makhamtia, A. Bangplama, Suphanburi |
3,000 |
10.00 |
|
Mrs. Suphap Omsin Nationality: Thai Address : 32/4
Moo 4, T. Makhamtia, A. Bangplama, Suphanburi |
3,000 |
10.00 |
|
Mr. Jarurak Omsin Nationality: Thai Address : 32/4
Moo 4, T. Makhamtia, A. Bangplama,
Suphanburi |
3,000 |
10.00 |
|
Mr. Boonrawd Suwansarakul Nationality: Thai Address : 146/1
Vibhavadi Rangsit Rd.,
Ladyao, Jatujak, Bangkok |
300 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Chayanin Thonggaysorn No.
5075
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
38,700.41 |
75,432.80 |
|
Trade Accounts & Other Receivable |
15,319,940.75 |
13,969,100.61 |
|
Inventories |
8,747,071.22 |
3,627,740.55 |
|
Other Current Assets
|
51,893.45 |
28,474.47 |
|
|
|
|
|
Total Current Assets
|
24,157,605.83 |
17,700,748.43 |
|
Vehicle and Equipment |
5,874,244.73 |
5,611,346.93 |
|
Retention and Deposit |
291,157.30 |
714,800.00 |
|
Fixed Assets |
66,047.49 |
66,047.49 |
|
Other Non - current Assets |
11,578.16 |
11,578.16 |
|
Total Assets |
30,400,633.51 |
24,104,521.01 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
550,624.84 |
1,572,151.62 |
|
Trade Accounts & Other Payable
|
19,013,882.79 |
6,900,833.23 |
|
Current Portion of
Hire-purchase Payable |
972,215.00 |
1,068,968.64 |
|
Accrued Income Tax |
337.30 |
- |
|
Other Current Liabilities |
515,543.87 |
228,470.40 |
|
|
|
|
|
Total Current Liabilities |
21,052,603.80 |
9,770,423.89 |
|
Hire-purchase Payable, Net
of Current Portion |
2,087,485.00 |
2,061,599.32 |
|
Loan payable from Related Person |
3,240,000.00 |
8,080,000.00 |
|
Total Liabilities |
26,380,088.80 |
19,912,023.21 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning - Unappropriated |
1,020,544.71 |
1,192,497.80 |
|
Total Shareholders' Equity |
4,020,544.71 |
4,192,497.80 |
|
Total Liabilities & Shareholders' Equity |
30,400,633.51 |
24,104,521.01 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
57,903,528.72 |
50,310,424.59 |
|
Services Income |
3,083,258.38 |
2,621,823.74 |
|
Interest Income |
62.94 |
2,148.76 |
|
Other Income |
1,023,258.81 |
968,593.95 |
|
Total Revenues |
62,010,108.85 |
53,902,991.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
46,271,565.20 |
41,217,282.18 |
|
Selling Expenses |
5,326,549.89 |
3,022,534.62 |
|
Administrative Expenses |
10,087,240.28 |
9,122,703.16 |
|
Cost of Financial |
269,058.48 |
400,413.36 |
|
Total Expenses |
61,954,413.85 |
53,762,933.32 |
|
|
|
|
|
Profit before Income Tax |
55,695.00 |
140,057.72 |
|
Income Tax |
[227,648.09] |
[112,735.26] |
|
Net Profit / [Loss] |
[171,953.09] |
27,322.46 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
1.81 |
|
QUICK RATIO |
TIMES |
0.73 |
1.44 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.27 |
9.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.01 |
2.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.00 |
32.13 |
|
INVENTORY TURNOVER |
TIMES |
5.29 |
11.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
91.69 |
96.33 |
|
RECEIVABLES TURNOVER |
TIMES |
3.98 |
3.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
149.99 |
61.11 |
|
CASH CONVERSION CYCLE |
DAYS |
10.70 |
67.34 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.87 |
77.87 |
|
SELLING & ADMINISTRATION |
% |
25.27 |
22.94 |
|
INTEREST |
% |
0.44 |
0.76 |
|
GROSS PROFIT MARGIN |
% |
25.81 |
23.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.09 |
0.26 |
|
NET PROFIT MARGIN |
% |
(0.28) |
0.05 |
|
RETURN ON EQUITY |
% |
(4.28) |
0.65 |
|
RETURN ON ASSET |
% |
(0.57) |
0.11 |
|
EARNING PER SHARE |
BAHT |
(5.73) |
0.91 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.87 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.56 |
4.75 |
|
TIME INTEREST EARNED |
TIMES |
0.21 |
0.35 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.22 |
|
|
OPERATING PROFIT |
% |
(60.23) |
|
|
NET PROFIT |
% |
(729.35) |
|
|
FIXED ASSETS |
% |
4.63 |
|
|
TOTAL ASSETS |
% |
26.12 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.81 |
Impressive |
Industrial Average |
18.81 |
|
Net Profit Margin |
(0.28) |
Deteriorated |
Industrial Average |
3.19 |
|
Return on Assets |
(0.57) |
Deteriorated |
Industrial Average |
4.96 |
|
Return on Equity |
(4.28) |
Deteriorated |
Industrial Average |
9.10 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 25.81%. When compared with
the industry average, the ratio of the company was higher, this indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -0.28%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -0.57%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the shareholders
earned for their investment in the company. When compared with the industry
average, it was lower, the company's figure is -4.28%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.15 |
Acceptable |
Industrial Average |
2.03 |
|
Quick Ratio |
0.73 |
|
|
|
|
Cash Conversion Cycle |
10.70 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.15 times in 2010, decreased from 1.81 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.73 times in 2010,
decreased from 1.44 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
6.56 |
Risky |
Industrial Average |
0.79 |
|
Times Interest Earned |
0.21 |
Risky |
Industrial Average |
4.18 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.21 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.87 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.27 |
Impressive |
Industrial Average |
4.84 |
|
Total Assets Turnover |
2.01 |
Impressive |
Industrial Average |
1.56 |
|
Inventory Conversion Period |
69.00 |
|
|
|
|
Inventory Turnover |
5.29 |
Impressive |
Industrial Average |
4.76 |
|
Receivables Conversion Period |
91.69 |
|
|
|
|
Receivables Turnover |
3.98 |
Satisfactory |
Industrial Average |
4.28 |
|
Payables Conversion Period |
149.99 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.